Nigeria’s economy on the brink over N22.7trn national debt - Obi raises alarm

Nigeria’s economy on the brink over N22.7trn national debt - Obi raises alarm

- Peter Obi says Nigeria's debt profile has put the country's economy on life support

- Obi, a former governor of Anambra state puts the debt profile at N22.7 trillion currently

- He pleads with Nigerians to choose their leaders wisely during elections

Peter Obi, a former governor of Anambra state, on Saturday, August 25, warned that Nigeria’s economy is currently on life support with as a result of the nation’s rising debt profile which he put at N22.7 trillion.

Daily Sun reports that Obi further put the country’s unemployment rate at 60 percent saying this was the result of bad governance.

The former governor stressed that if 50 percent of the country’s revenue is used to settle such debt, Nigerians will continue to groan.

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The report said Obi at the 2018 This Generation conference organised by the Summit Bible Church, themed Taking Responsibility, Making Nigeria Great in Abuja.

The report quoted Obi as urging Nigerians to vote out people who lacked the technical know-how to revamp the economy and render good services.

“Our educational system is too low. Our per capital is 2000. And since your growth population is higher than the growth of your GDP the consequence in the future will be higher than what it is today.

“China adopted the Millennium Development Goals when it was told that it had the poorest people in the world and it took over four hundred million people out of poverty,” he said, while expressing optimism that Nigeria will get it right someday.

He urged that people who have ideas, capacity and have managed resources before should be brought forward to change the poor narrative.

The convener of the programme, Andy Osakwe, challenged youths to be active in politics.

He said: “A lot of people tend to blame other people for the current state of our nation; it is time for us to take ownership of our condition and also our destiny.

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“Even though different generations have taken different positions as to who is responsible for the not-so-great status of Nigeria today, there is a consensus on the fact that Nigeria already has within its borders all that is required to become one of the most secure and prosperous countries in the world.” earlier reported that in 2017, Nigeria’s total debt profile hit N19.16 trillion after the country incurred a N7.1 trillion, according to the country’s Debt Management Office (DMO).

The total debt profile, according to the DMO, was incurred both internally and externally.

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